I saw it when I was little and I can only remember bits and piece of it... there two kids a boy and a girl and they were looking through stuff in their basement and they found a neckless or something and it transported them to another world. I remember something about a creature in the other world who might have been a puppet. I rememberer a scene with a long bridge that they have to cross, and I think there is a part where the creature drowns and the little girl has to save it. I'm sorry if this isn't helpful but I only have a memory of it in bits and pieces.

Sounds like The Argon Quest (http://www.imdb.com/title/tt0099055/)

Thank you so much that was exactly what I was looking for!!

You're very welcome.